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MasterCard In Talks With China’s Central Bank to Support Global “Digital Yuan” Transactions

After enough internal testing locally, the Chinese central bank – The People’s Bank of China (PBoC) – is all set to take its CBDC Digital Yuan global. As per the recent report from the South China Morning Post, the payments giant Mastercard is currently in talks with PBoC to facilitate the cross-border transactions for Digital Yuan.
Ling Hai, Mastercard’s Asia-Pacific co-president confirmed the Hong Kong-based publication about the same. It said that PBoC is one of many other central banks that is currently holding discussions “to enable cross-border use of their respective digital currencies”. Hai added:
“Central bank digital currencies such as that being piloted by Beijing could be circulated outside their home countries and converted into foreign currencies via a card clearing network acting as the conversion agent”.
Mastercard will reportedly offer a prepaid card that will allow users to store and convert the Digital Yuan while initiating any cross-border transactio

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